Austin, Texas – More than 71 million Americans rely on Social Security benefits, nearly 54 million of whom are 65 or older. As of June, the average retired worker receives a monthly payment of $1,837 — and, for many, benefits are more of a lifeline than a check. Among older Americans, 37% of men and 42% of women count on Social Security for at least 50% of their income. About 12% of men and 15% …
New York, US – Many US schools have been falling short when it comes to teaching financial literacy, leaving an entire generation burdened by money issues to develop their own unique language around the topic. The lack of education on subjects like insurance, credit card debt, and retirement savings has led young Americans to seek financial advice from unconventional sources, including social media platforms like TikTok. A survey by Forbes Advisor revealed that 79% of …
Tulsa, Oklahoma – A financial advisor recently posed a common inquiry about Social Security benefits. The advisor asked whether his 68-year-old client could suspend his Social Security retirement benefit to earn delayed retirement credits. The answer to this question involves several important tax and personal finance considerations for the client. According to guidance from the Social Security Administration, if an individual has reached full retirement age but is not yet 70, they can request to …
Los Angeles, California – Managing money can be a daunting task, causing financial anxiety for many individuals. However, with strategic financial planning, individuals can alleviate this stress and work towards achieving their short- and long-term financial goals. Financial planning is a comprehensive process that involves analyzing one’s financial situation and developing plans to reach specific objectives. One of the main reasons why financial planning is crucial is that it provides a sense of security during …
GAITHERSBURG, Maryland – A recent Bankrate survey found that only 44% of Americans could pay for an unexpected $1,000 expense with their savings. This highlights the fact that many people are not prepared for emergency financial situations, a phenomenon supported by the insights of financial planners and experts in behavioral finance. Brad Klontz, a certified financial planner and expert in financial psychology, emphasized the importance of saving, stating that Americans should aim to set aside …
WATERTOWN, N.Y. – Thousands of union workers in the north country are set to receive a significant boost in pension benefits, thanks to a funding recovery effort spearheaded by U.S. Senate Majority Leader Charles Schumer. Laborers’ International Union Local 1822, which serves as the representative for over 500 construction workers across multiple counties, is expected to receive close to $16 million in special financial assistance. This funding will provide crucial support to workers in Jefferson, …
Students in New York are experiencing relief as the new, simplified Free Application for Federal Student Aid (FAFSA) is showing signs of improvement, according to financial aid experts. Completing the form for the 2024-25 academic year has become increasingly streamlined and without delays, making it easier for families to access federal financial aid in the form of Pell Grants or government student loans. Even though the application process has been simplified compared to previous years, …
Tampa, Florida – Many retirees may be able to live comfortably on their Social Security benefits alone, particularly if they are eligible for the maximum benefit of $4,873 per month in 2024. Despite common advice to not rely solely on Social Security, high earners in particular may find this benefit to be adequate if they are used to a certain lifestyle. However, the majority of Social Security recipients will not be eligible for the maximum …
Shakopee, Minnesota – As senior citizens face challenges related to their finances, U.S. Representative Angie Craig has introduced a new bill called the “You Earned It, You Keep It Act”, aimed at eliminating the federal tax on Social Security benefits. With many seniors having to make tough decisions on their limited budgets, the legislation is designed to provide more financial relief to those on fixed incomes. This move comes as retired individuals like Sally Hokkanen …
Denver, CO – Achieving financial independence is a goal for many Americans, but the definition of what that entails can vary widely. For some, it means having enough money to retire early, while for others, it simply means not relying on others for financial support. According to a recent survey by Empower, a majority of Americans view financial independence as the most important marker of overall life success. Interestingly, the survey found that it doesn’t …